Tallinn’s T1 Center secured additional financing of 17 million euros from LHV Pank

OÜ Lintgen, the operator of the T1 Center, and AS LHV Pank renewed the previous cooperation agreement, under which the bank will finance the center with an additional 17 million euros. The loan volume of T1 now amounts to nearly 30 million euros.

T1 will allocate nearly 3.5 million euros to the completion of the center’s turnaround. As the liquidity and loan servicing capacity of T1 are at a good level, the additional financing from LHV will also be used to enhance the capital structure of the center.

“At T1, we are carrying out major remodeling and development works with the support of LHV financing. HalfPrice, an off-price chain selling world brands, has just opened its first store in Estonia, which will play a key role in the transformation of T1’s second floor into an attractive outlet and discount shopping area. In July, The Club, a sports, fitness and leisure center with a completely new concept, will open its doors, where guests can spend their time exercising, relaxing or coworking. These are the latest examples of changes that are very well received by visitors and partners. The additional financing from LHV Pank confirms that the concept of T1 as a multifunctional center is forward-looking and stands out in the market,” said Tarmo Hõbe, CEO of T1.

The cooperation between LHV and T1 began in 2024, when the bank financed the center's investments with 10 million euros and a year later with another 3 million euros.

Previously, T1 conducted major investments on the third floor, where the modern event center T1 Venue has been operating for a couple of years, and, and since autumn 2023, the rest of the floor has been at the disposal of various sports activities and health services. In the spring of last year, a major investment was the opening of a Lidl store on the first floor of T1.

In the center’s side that faces the Järvevana Road, T1 is preparing to open a new entrance at the end of the summer. From the so-called entrance No. 5, visitors can directly access the second floor of T1 with HalfPrice and other retail spaces located there. The entrance will also create a convenient connection to Ülemiste City, as it is a logical continuation of the light traffic tunnel under the railway to be built by the City of Tallinn and Rail Baltica, which will be completed in the spring of 2027 at the latest. The façade of T1 on the Ülemiste side will also get a new look.

In recent years, T1 has actively developed a new concept, expanded rental premises, and made design and construction changes that have brought tenants and customers. While in 2022, T1 had a total of 2.7 million visitors, last year the figure was already 4.3 million, or 59 percent more. This year's goal is 5 million visitors.

Over the past four and a half years, the T1 Center has invested 25 million euros in the turnaround, and including the following year, the total investment will amount to 31 million euros.

The T1 Center, which opened in November 2018, has more than 120,000 square meters of space, of which approximately 58,000 is leasable. The center has 1,000 parking spaces and 51 charging points for electric cars. As of today, T1 has nearly 200 tenants.